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05-Feb-2018<br />

UK bank Lloyds follows US counterparts in banning people from...<br />

The Edge Markets<br />

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(Feb 5): Lloyds Banking Group said on Monday that it was stopping people buying<br />

cryptocurrencies using credit cards, following moves last week from several major U.S.<br />

lenders.<br />

"Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card<br />

transactions involving the purchase of cryptocurrencies," the company told CNBC in a<br />

statement.<br />

Concerns have been mounting that people buying digital currencies like bitcoin with credit<br />

cards could be getting into debt given wild price swings, particular recently given bitcoin fell<br />

below $8,000 for the first time in over two months.<br />

In November, just before bitcoin hit its record high of over $19,000, the search term "buy<br />

bitcoin with credit card" was on the rise.<br />

U.K. Prime Minister Theresa May told Bloomberg in a recent interview that the government<br />

should consider looking at cryptocurrencies "very seriously."<br />

Other regulators around the world from China to South Korea have also bought in rules to<br />

try to regulate the space.<br />

Lloyds' move follows banks in the U.S. J.P. Morgan Chase, Bank of America and Citigroup<br />

said Friday they are no longer allowing customers to buy cryptocurrencies using credit<br />

cards.

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